Homeownership remains key to creating an opportunity society. We support timely and carefully targeted aid to those hurt by the housing crisis so that affected individuals can have a chance to trade a burdensome mortgage for a manageable loan that reflects their home's market value. At the same time, government action must not implicitly encourage anyone to borrow more than they can afford to repay. We support energetic federal investigation and, where appropriate, prosecution of criminal wrongdoing in the mortgage industry and investment sector. We do not support government bailouts of private institutions. Government interference in the markets exacerbates problems in the marketplace and causes the free market to take longer to correct itself. We believe in the free market as the best tool to sustained prosperity and opportunity for all. We encourage potential buyers to work in concert with the lending community to educate themselves about the responsibilities of purchasing a home, condo, or land.

Funny... I don't see anything about massive government bailouts in there. Do you?

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Oh well, it’s too soon. In the long run, the party that proposes confiscating the illgotten wealth of the rich and preserving the hard won assets of working people will be the party that wins. That kind of program will arm us with the understanding we need to make fundamental changes.

The left is small and marginalized now but that will change once Obama inherits an unwinnable war and a collapsing economy. As his administration fails and he becomes Hoover Redux and Nixon Redux at the same time, we'll be able to quickly assemble that party from the millions of working people and others who are getting fed up with being robbed and blindsided by the two misbegotten parties of war, bigotry and corporate greed.

The Republicans can thank their lucky stars that they're probably going to get trounced on November 4th.

Pelosi is very smart. She is insisting on substantial Republican votes or she won't bring up the bill. Heck it is a republican president and administration after all. As I write this they have already announced agreement. Expect legislation to be passed in time for Asia Market opening on Sunday afternoon.

Just occasionally our government gets the appropriate scare that it should have, that if it deserves to be overthrown it will be. Now, if we can arrange for a presidential line item veto, (good bye bridges to nowhere) eliminate corporate lobbyists (in that government should be influenced by people rather than the oil and tobacco institutes) and serious financial regulation to safeguard the value of our currency we can do well. I hope this situation is used like a club to get Congress to finally place it's house in order. Failing to regulate because "someone knows someone" is economic collusion that we can no longer tolerate.